Aberdeen profit soars

City A.M. Reporter
Aberdeen Asset Management posted a 54 per cent rise in pre-tax profit in the six months to end-March, aided by new business in high-fee products that partly offset greater-than expected outflows.

The fund manager said that pre-tax profit amounted to £142.8m, compared with the £92.6m posted last year.

Broker Evolution Securities had forecasted £128.6m profit. It closed its first half with net outflows of £700m.

Assets under management grew to £181.2bn, from £176.2bn posted at the end of February.

The fund manger said it will pay interim dividends of 3.8 pence a share, having paid 3.2 pence for the first half of last year.